This letter in malaysiakini Bumi equity: NEP, Malays, non-Malays all to blame suggests that the has NEP failed and that both sides are to be blamed.
I only agree with his comment that
" the failure of the 30 percent bumi equity target as envisaged by the NEP was mainly due to the policy’s corrupt and inept implementation and outright abuse of power."
Why should the non-Malays want to share their business secrets when sometimes, as in food companies, the secret recipe is what makes them successful. As for keeping two books of accounts, even Malay businessmen can employ book-keepers to do it for them.
Already the non-Malay businessmen have to struggle with the overloaded bureaucracy to compete for government contracts (after the cream has been siphoned off)
The writer makes another telling point with:
"The 30 percent target would have been achieved long time ago if these IPO allocations were handed out to bumiputera investment institutions and not all those RM2 companies set up by political cronies purely to benefit from IPO allocations."
Now that IPOs are not as lucrative as in the 70s, the government is using mega-projects to enrich their cronies.
Just like the USA has changed their government after 8 years of Republican rule, it is time for change in Malaysia too - only we will be doing it 35 years late.
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YES ! We need CHANGE ! Malaysia was once the rising star of East Asia..but where are we now ? Even in the field of sports we could not maintain our performances not to mention improve. What is happening to our country ? We have a majority of the population thinking that Malaysia is progressing just because we have the Petronas Twin Tower, Putrajaya...ect. A country is made up of its people. If the people do not change and progress the country will fail and become a mere red dot on the World Atlas.
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